If an inspection is a cracked foundation or problems with the property you no longer want to make yourself to buy it, then with this contingency in the contract can help you get out. For any questions or other information regarding the state`s surplus real estate process, please contact IDOA Real Estate Manager Steve Harless. A purchase and sale agreement in Indiana is a legally binding contract between a seller and buyers of residential real estate. This contract includes all elements of the sale of the property, including the price, condition of the land, inspections, closing conditions, rights and responsibilities of both parties, including important conditions. Both parties must sign the contract, but only after the seller has accepted the buyer`s offer and all conditions have been agreed. The seller is also required to provide the buyer with a disclosure form detailing the various material defects and relevant information about the property. Determine an amount with your real estate agent that you want to offer first. You should probably submit an offer below the purchase price, as the seller is likely to make a counter-offer if he is interested in your offer. The Indiana Department of Administration is responsible for the disposal of surplus land held by the state of Indiana. Based on IC 4-20.5-7, the ministry`s disposition policy has two procedures for the sale of land: sealed auctions and live auctions. The unit conducts a judicial investigation on the basis of ownership of the property. The purchase of land at market prices, as set as part of the auction or sealed auction procedure, is given to public authorities, universities and political sub-divisions.
Real estate in which no state agency, university or political sub-department informs the department of their interest is awarded to the bidder with the highest bid or auction amount, which is equal to or greater than the value assessed. You need to determine a real price number to write about the offer. It may be common sense, but some people will try to write something ridiculous, like, „I`m going to pay $5,000 above your highest offer.“ As a general rule, you will make a cash payment, but it could also be in the form of shares or other real estate assets. If you are selling shares to finance the down payment, make sure you include this as a contingency of the transaction. Buyers and sellers usually negotiate the various fees that must be paid at the conclusion. We mentioned the different things you should negotiate in a sales contract in this article. If it`s a hot market, you may need to offer above price to be competitive with other offers. This scenario would be an auction war and you should consult your buyer agent to find out about a safe offer on the purchase price. The seller of residential real estate (Form 46234) – this is a complete disclosure form that must be completed by the seller of a residential property and submitted to any potential buyer.